If there is free international trade, the Total Supply curve represents the production by domestic and foreign producers. Domestic consumers would pay
{"Image DocumentName": "Fig. 51.1Domestic Supply. Total Supply. P. PRICE. P1. Domestic Demand. q. q2. q1. QUANTITY.", "Image ImageDescription": "If there is free international trade, the Total Supply curve represents the production by domestic and foreign producers. Domestic consumers would pay p1 and consumer q1: They are able to consume more of the commodity at a lower price. Also, at p1 , domestic firms are producing q and foreign producers are producing (q1 \u2013 q2). Thus, domestic firms are producing less under free trade than they would if the nation did not import the commodity.", "Image XResolution": "37", "Image YResolution": "37", "Image ResolutionUnit": "Pixels/Centimeter", "Image Software": "SlidePlayer", "Image YCbCrPositioning": "Centered"}